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Cape San Blas Real Estate Week in Review - Sep. 29-Oct. 5, 2012

Published on October 11, 2012 by Sherri Dodsworth under Cape San Blas

Autumn’s in the air and it has been another pleasant albeit it busy-as-can-be week here in paradise. The air’s a bit drier, the nights a little cooler. Buyers returned bringing a flurry of sales activity with four closings and four new contracts, seven new listings, and seven price changes. We end the week with our inventory at 320, a very nice 20 point drop from last week, with 90 homes and 230 lots listed in the MLS for Cape San Blas, Indian Pass and the C-30 Corridor. There’s a good bit of territory to cover today, so let’s get started.

The first of our four sales is a bank-owned, 105′ by 220′, .23 acre bay view lot in Peninsula Estates, an older subdivision about a half mile south of the state park entrance. In July 2004 it sold for $153,000, and then sold again exactly one year later in July 2005 for $319,000. Those owners started trying to sell it in early 2008 when they listed it for $365,000, but were never able to find a taker, and eventually lost it to the bank. They had it listed for $42,900, very much in line with the county’s $40,000 assessed value, and on Tuesday it went for just $35,000.

Bank-Owned Cape San Blas Gulf Front Lot Sold Sep. 2012 for $120,000

Our next sale is a bank-owned gulf front lot on Avalon Drive on the Cape, just a bit south of Rish Park. It last sold in late 2002 for $525,000 and is currently assessed by the county for $250,000. The bank acquired it towards the end of 2010 and sold it this week for $120,000, way below their list price of $190,000. This lot lies seaward of the CCCL, is in a flood plain, and is pretty shallow in depth.

Cape San Blas Gulf Front Home Under Contract Sep. 2012 with List Price of $369,900

About 3 miles further south down the road in the vicinity of Scallop Cove, our next sale is a three bedroom, two bath gulf front home that went under contract in September with a list price of $369,900. The owners bought it in mid-2000 for $269,900, which is pretty close to its current assessed value of $258,200. On Tuesday they sold it for $317,500.

Cape San Blas Gulf Front Condo Under Contract Mar. 28, 2012 as Short Sale with List Price of $230,000

Down on the south side of the Cape in The Club at Cape San Blas, our fourth and final sale is a 2-bedroom, 2-bath, 1,200 square foot condo that went under contract last March as a short sale with a list price of $230,000, just shy of the $233,600 it sold for in September 2006, the year it was built. The county’s got this one pretty close at $220,850. This week the bank finally agreed to do the short sale and it closed for $265,000, $35,000 above list price.

Cape San Blas Lot Under Contract Oct. 2012 with List Price of $44,900

The first of our four contracts is located just south of Rish Park in Paradise Gulf. It’s a gulf view, third-acre X-zone lot measuring 95′ by 166′ listed for $44,900, pretty close to the county’s assessed value of $40,000. The sellers bought a one-third interest in the property in mid-2005 for $110,000.

Bank-Owned Cape San Blas Gulf Front Home Under Contract April 2, 2012 with List Price of $550,000

Our second contract is on this contemporary 4-bedroom, 3 1/2-bath, 2,427 square foot bank-owned gulf front home on Clearwater Drive on the Cape which may look familiar if you’re a regular reader as this is now the 4th time it has been under contract. It last sold in June 2004 for $1.5M but ended up back with the bank who have it listed for $550,000, well above the county’s assessed value of $397,871.

Cape San Blas Gulf Front Lot Under Contract Oct. 2012 with List Price of $215,000

We’ll head back to the south side of the Cape for our third new contract, which is on a 50′ wide by 1,138′, 1.3-acre gulf front lot with an asking price of $215,000. No previous sales info, but the county’s current assessed value is $175,000.

Bay Front Townhouse Under Contract Oct. 2012 with List Price of $289,900

Our final new contract takes us over to Simmons Bay on C-30 by Presnell’s boat launch where this 3-bedroom, 3 1/2-bath, 1600 square foot bay front townhouse went under contract with a list price of $289,900. The sellers bought it in late 2004 for $395,000, but it is not listed as a short sale. The county has it valued at $175,280.

They say better late than never but I apologize for posting so late this week. I am thrilled to have so much business right now but I hate not having time to write my blog, too. Thanks for all the kind emails I received asking where the update was and I promise I’ll try to have this week’s posted as usual by mid-Saturday. If I can help you with your real estate interests let me know and I’ll be glad to do what I can. Call or text me to 850-227-5197 or shoot me an email to [email protected] . I appreciate your taking time out to stop by today, and hope to see you back again real soon.

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